What Makes a Complicated Estate? 

As you contemplate your estate plans, there are more complicated factors than you may realize.  Having children, buying and selling property, getting married or divorced, and making investments can all complicate estate planning. No matter what phase of life you are in, there are documents that you should have in place to ensure that your assets are handled properly and can be transferred to your beneficiaries according to your wishes with minimal tax implications. 

Whether you are a single person with very few assets or a married couple with significant assets, your estate may be more complicated than you realize. 

Beyond the Basics of Estate Planning 

Every estate should begin with a will, which is used to make basic decisions on who will receive your assets and property after your death. A will is also used to make guardianship decisions regarding minor children. However, a will alone may be insufficient. It is important to consider not only how your assets will be distributed upon your death, but also how medical and financial decisions should be made if you are incapacitated. 

There are two types of powers of attorney that allow you to address important decisions in advance. If you become physically or mentally unable to make decisions in the future, your wishes will already be properly documented. A power of attorney for healthcare will give your selected representative the authority to make necessary decisions about your medical care, including treatments, medications, and admission to a hospital or nursing home. Your representative can be guided in these decisions by a living will, which sets out your medical care instructions. A power of attorney for property or finances allows your designated agent to make financial decisions on your behalf. These can include decisions on investments, property purchases or sales, insurance matters, and also gives them the ability to pay your bills and handle other financial matters. 

Managing Assets During Your Life and After Your Death 

You may also wish to use a revocable living trust to manage financial resources during your lifetime. You can also name a successor trustee who will manage the trust if you are unable to do so and distribute the trust’s assets after your death. 

More complicated estates, including those with a business involved, will benefit from additional estate planning tools. Through asset planning and charitable giving, you can pass on your assets to your beneficiaries and charities of your choice. Tax planning will help lessen the tax burden on you and your family. Legacy planning will help you transfer family heirlooms or address values and traditions you would like passed down to future generations. For business owners, succession planning will guide the transfer of ownership to your selected successors.

Contact Our DuPage County Estate Planning Lawyer

It is important to work with an estate planning attorney in order to get the proper documents in place because a simple will does not usually cover the average person these days. 

At the Gierach Law Firm, we can help you prepare the documents that you need to put your estate on the best financial path. We can also help make decisions that will minimize your tax liability, allow you to meet your current needs, and be able to pass on your wealth to future generations. To learn more about our services, contact our DuPage County estate planning attorney at 630-228-9413.

Sources:

Forbes

Kiplinger